TWN vs VXZ: Correlation
How closely do Taiwan Fund, Inc. (The) (TWN) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) trade together? Their weekly returns over three years give a correlation of -0.45, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are TWN and VXZ?
Across a 3-year window, the weekly returns of TWN and VXZ correlate at -0.45, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.31) runs above the 3-year figure (-0.45). Stretching to 5 years gives -0.43, with an annualized covariance of -332.7 %².
VXZ is close to the least connected end of TWN's tracked universe, ranking #11 of 13. Their recent paths diverged sharply: over the last 12 months TWN outperformed by 143.9 percentage points (+127.8% for TWN against -16.1% for VXZ).
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
TWN vs VXZ: side by side
| TWN (Taiwan Fund, Inc. (The)) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +127.8% | -16.1% |
| 5-year return | +320.4% | -53.1% |
| Volatility (ann.) | 28.9% | 25.6% |
| Beta vs S&P 500 | 1.26 | -1.31 |
| Max drawdown (3Y) | -30.0% | -36.4% |
| Market cap | $0.6B | – |
| P/E (trailing) | 2.6 | – |
| Dividend yield | 6.18% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | TWN | VXZ |
|---|---|---|
| 2022 | -38.5% | +0.5% |
| 2023 | +51.7% | -44.0% |
| 2024 | +32.8% | -12.7% |
| 2025 | +54.1% | +5.7% |
| 2026 | +92.1% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are TWN and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.45 means the two rarely move for the same reasons.
FAQ
What is the correlation between TWN and VXZ?
The TWN/VXZ correlation stands at -0.45 on a 3-year window (1 year: -0.31, 5 years: -0.43), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for TWN?
By historical standards, yes. A correlation of -0.45 means the two rarely move for the same reasons.
What does a correlation of -0.45 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/twn-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/twn-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: TWN correlations · VXZ correlations
